GameStop Corp. has amended the terms of its $1.4 billion convertible note exchange to include a cash settlement component alongside the original share-based structure.
The exchange, originally set to settle entirely in Class A common stock, now includes approximately $358.4 million in cash, representing roughly 27% of the total consideration. The remaining 73% will be paid in approximately 55.5 million shares, with the total share count fixed and no additional issuance planned.
The cash portion will be funded from GameStop’s existing cash reserves, according to a company statement. The amended structure adjusts the reference period for share calculations, terminating the remaining duration of a 35-trading-day window that began on August 3, 2026. The cash settlement will be based on trading prices from the last day prior to the amendments.
The exchange covers convertible senior notes due in 2030 and 2032, with approximately $1.1 billion of 2030 notes and $1.7 billion of 2032 notes remaining outstanding after the transaction. The total remaining debt post-closing is expected to be about $2.8 billion.
The transaction is slated to close on or about September 3, 2026, subject to customary closing conditions. Noteholders participating in the exchange retain the option to adjust positions in common stock or related derivatives, which could influence the stock’s market price or the value of the exchange notes.
